Langstaff Gateway Condos toronto. Real estate overheating? Professor Chen, who has been to China more than 200 times in the past decade, believes that China has no wine culture.Please Visit: Langstaff Gateway Condos toronto to Get Your VVIP Registration Today!
Many rich people buy expensive wine for identity signs. Some Chinese even add 7-Up or ice cubes to the very expensive French merlot, he said.
Professor Chen believes that even if the taste of wine changes with the trend of the times, market forces and political evolution, Chinese interest in Canadian wineries and vineyards will continue unabated. Because their fundamental reason is not to make wine, but to make money.
However, some experts worry that the Chinese love of Niagara ice wine may eventually turn local grapes into wine, so that no grapes can be sold as fruit.
Explaining that Chinese investors are trying to make money, not making wine, Professor Chen said that Chinese real estate is very expensive, Canadian real estate is relatively cheap, and buying real estate in Canada is considered a good investment.
Christine Gazzola, a Niagara real estate agent, said she recently listed a 22-acre vineyard in the Jordan district and was interested in buyers from Toronto and Vancouver. Most of these potential buyers want to be breweries, but some just want to own the land. “other agents dealing with overseas buyers have found that many Chinese just want the land to grow grass.” They hope that the price of the land will rise in a few years.
Geshula believes that these investors will soon turn their attention to the peripheral Welland and Lincoln regions. Land in the Niagara area, located in the green belt, will also be bought soon. The long-term impact of these changes on the future of the Niagara wine industry is unclear.
Professor Chen believes that Chinese investment interest in Niagara wineries and vineyards will not change. Because breweries have the ability to generate stable income, and when their friends visit Canada, they can show off to them.
The Chinese are particularly interested in the housing market in Vancouver and Toronto, and speculation has been reported by the mainstream media many times. Professor Chen said he was worried that a similar phenomenon would happen in Niagara, where the breweries would change hands several times within a few years. However, this should have little impact on the local wine industry, because China lacks a wine culture, and these Chinese are happy to let Niagara winemakers brew and manage the company’s business.
The warming of the Niagara property market has begun to worry local communities as new investors seem to have bigger goals.
Real estate developer Benny Marotta reportedly set up a “Two Sisters winery” in Niagara in 2014, allowing his daughters to run it, and he continued to develop his own property. He not only built some houses near the vineyard, but also bought land around him, raising fears that he wanted to build a large Toronto-style residential community.
Niagara-on-the-lake City Councillor Betty Disero questioned in parliament whether Marotta was removing additional trees and whether he was combining adjacent land, including land within the green belt, to build residential communities. However, this kind of development project is not allowed in the green belt.
There are two opinions in the city council, one is that the city can use the land development of the green belt, and the other is to protect the green belt. Some of the land adjacent to the “two Sisters Winery” that Dicero wants to buy is located in the green belt protected by the government.
Some cities within 100 kilometers of Toronto and its surroundings have launched foreign buyers’ taxes and other measures aimed at cooling the housing market. If Niagara can further develop residential and commercial land, it will be attractive to foreign buyers, including Chinese investors. Locals are not worried that Chinese investors will affect their brewing industry, but worry that outsiders’ thirst for real estate investment will change the face of local communities.
“We have never had so many developers.” ‘This is a green belt community with restrictions on urban development, ‘local real estate agent Tom Elltoft told the media.
Worried about the consequences of Marotta’s demolition of trees in the area, Otto hired an ecologist and forestry consultant to analyze and evaluate it. Disero also proposed at the city council that the provincial government should be involved in the matter.